Slide 1: Third Quarter 2021 Earnings Call
Third Quarter 2021 Earnings Call October 27, 2021 Exhibit 99.2
Slide 2: Forward-looking statements
Certain statements contained in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation may contain “forward-looking statements” with respect to our business, results of operations and financial conditi
Slide 3: Non-GAAP measures
Non-GAAP measures This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA per metric ton, Free Cash Flow and Net debt. These measures are presented because management uses this information to monitor and evaluate financial resu
Slide 4: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 5: Q3 2021 Highlights
Ø Shipments: 395kt (+12% YoY) Ø Revenue: €1.6 billion (+35% YoY) Ø Net income: €99 million Ø Adj. EBITDA: €143 million (+14% YoY) Ø Cash from Operations: €91 million Ø Free Cash Flow: €40 million Ø YTD 2021 FCF: €121 million Ø Leverage: 3.6x at September 30, 2021 Ø Redeeming $200 million of 5.875% S
Slide 6: Peter Matt, Chief Financial Officer
Peter Matt Chief Financial Officer
Slide 7: Adjusted EBITDA Bridges
Adjusted EBITDA Bridges YTD 2021 vs. YTD 2020 Q3 2021 vs. Q3 2020 € millions +23% € millions +14%
Slide 8: Q3 2021 Performance: Packaging & Automotive Rolled Products
Q3 2021 Performance Packaging & Automotive Rolled Products Q3 2021 Q3 2020 Var. Shipments (kt) 281 258 9% Revenue (€m) 988 672 47% Adj. EBITDA (€m) 94 85 10% Adj. EBITDA (€ / t) 335 332 1% Q3 Adjusted EBITDA Bridge € in millions Ø Adjusted EBITDA of €94 million Ø Higher packaging shipments on strong
Slide 9: Q3 2021 Performance: Aerospace & Transportation
Q3 2021 Performance Aerospace & Transportation Q3 2021 Q3 2020 Var. Shipments (kt) 52 36 45% Revenue (€m) 289 202 43% Adj. EBITDA (€m) 20 10 91% Adj. EBITDA (€ / t) 362 275 32% Q3 Adjusted EBITDA Bridge € in millions Ø Adjusted EBITDA of €20 million Ø Higher TID shipments, partially offset by lower
Slide 10: Q3 2021 Performance: Automotive Structures & Industry
Q3 2021 Performance Automotive Structures & Industry Q3 Adjusted EBITDA Bridge € in millions Q3 2021 Q3 2020 Var. Shipments (kt) 62 60 4% Revenue (€m) 326 304 7% Adj. EBITDA (€m) 32 33 (0)% Adj. EBITDA (€ / t) 528 551 (4)% Ø Adjusted EBITDA of €32 million Ø Higher industry shipments, partially offse
Slide 11: Focus on Costs
We have experienced increasing inflationary pressure on the business in 2021, which will have a greater impact in 2022 Currently working on mitigation strategies for the following areas: Energy prices, more significantly in Europe Alloying elements, including magnesium, manganese and silicon Transpo
Slide 12: Free Cash Flow
Free Cash Flow YTD 2021 YTD 2020 Net cash flows from operating activities 239 263 Purchases of property, plant and equipment, net of grants (118) (134) Other investing activities — — Free Cash Flow 121 129 € in millions YTD FCF Highlights Consistent FCF Generation 2021 FCF Guidance: >€125 million Ø
Slide 13: Net Debt and Liquidity
Ø Leverage of 3.6x, a multi-year low Ø No near term bond maturities Ø Gradually reducing excess liquidity added during the pandemic Ø Redeeming $200 million of 5.875% Senior Notes due 2026 in November, further reducing gross debt Ø Expected to reduce cash interest by ~€8 million and brings the total
Slide 14: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 15: End Market Updates
End Market Updates Market Commentary Packaging Strong market in North America and in Europe Focus on sustainability driving increased demand for aluminium cans Mid-single digit annual demand growth supported by can-maker capacity additions in both North America and Europe Automotive Lightweighting m
Slide 16: Broad Exposure to Sustainability Trends
Broad Exposure to Sustainability Trends Favorable Market Trends Packaging Automotive Aerospace Specialties Circular Economy ü ü ü ü Lightweighting in Transportation ü ü ü Electrification in Transportation ü ü ü Aluminum can as preferred beverage package ü Recession Resilient ü Diversified Cycles ü G
Slide 17: Key Messages and Guidance
Key Messages and Guidance Focused on delivering on our strategy and increasing shareholder value 2021 Adjusted EBITDA: €550 to €560 million 2021 Free Cash Flow: >€125 million Long-Term Leverage: 2.5x Targets Solid performance in Q3 2021 Successfully navigated an environment that was more challenging
Slide 18: Appendix
Appendix @ constellium “Third Quarter 2021 Earnings Cal 18
Slide 19: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended September 30, Nine months ended September 30, (in millions of Euros) 2021 2020 2021 2020 Net income / (loss) 99 20 255 (43) Income tax expense / (benefit) 20 7 53 (12) Income / (loss) before tax 119 27 308 (55) Finance costs - net 34
Slide 20: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation (in millions of Euros) Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net cash flows from operating activities 91 111 239 263 Purchases of property, plant and equipment (54) (38) (128) (138) Property, plant and equipment grants rece
Slide 21: Net Debt Reconciliation
(in millions of Euros) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Borrowings 2,282 2,257 2,325 2,391 2,456 Fair value of net debt derivatives, net of margin calls 5 9 25 42 26 Cash and cash equivalents (323) (290) (342) (439) (432) Net Debt 1,964 1,976 2,008
Slide 22: Reconciliation of Net Income to Adjusted EBITDA (Twelve months)
Reconciliation of Net Income to Adjusted EBITDA Twelve months ended (in millions of Euros) September 30, 2021 June 30, 2021 March 31, 2021 December 31, 2020 September 30, 2020 Net income / (loss) 281 202 62 (17) (21) Income tax expense / (benefit) 48 35 2 (17) (22) Income / (loss) before tax 329 237
Slide 23: Borrowings Table
Borrowings Table At September 30, At December 31, 2021 2020 (in millions of Euros) Nominal Value in Currency Nominal Rate Nominal Value in Euros (Arrangement fees) Accrued Interests Carrying Value Carrying Value Secured Pan-U.S. ABL (due 2026) $ — Floating — — — — — Secured U.S. DDTL (expired in 202